Condo Living Popular with Millennials

Buying a home is a huge investment that many people in their lifetime hope to achieve.

But for millennials (The millennial generation is the generation of children born between 1982 and 2002) that milestone has become quite a bit harder to come by. According to a census data released on October 25 by Statistics Canada, only 50.2 per cent of 30-year-olds were homeowners in 2016, compared to 55.5 per cent in 1981.

And when they do buy, it’s less likely that property will be a classic single detached home, 35 per cent of 30-year-olds lived in single detached homes in 2016, compared to 44.4 per cent of their 1981 counterparts.

Millennials are being driven to the condo market because it’s what most of them can afford, the report also found that the number of condo dwellers was up across the board in 2016, with 13.3 per cent or almost 1.9 million households living in condos.

The demand in condo living can also be seen with new built homes, that supply sat at 3,036, while the supply of new-built condos came in at 18,280.